automotive industry

Banks, Cars, Class wars, frustrations, and petty politics

Amazing, simply amazing.  For the past two days I've been watching these hearings on the automakers, and find myself more aghast than anything else.  Actually, it's more than that.  I think I've had this almost sickening feeling, a feeling where anger is meshed in with a humiliation and sadness.  It isn't just the automakers that has been the cause of this, but that they symbolize how far we've fallen.

UPDATE7: Auto deal dead for now, certain politicians and market not happy

CNBC is just reporting that some sort of agreement has been reached in the Senate. Announcement to be made this afternoon.

The network is reporting that the funding will come from the $25 billion that was originally allocated for retooling. Now that money, if the deal goes through, will go to allow the automakers to meet their financial obligations. As everyone knows, the automakers have been struggling, their CEOs testifying before Congress this past week, are saying the situation hasn't been this dire in decades.

Jerome York, adviser to former GM board member, Kirk Kekorian, told Bloomberg today that the company actually has weeks left, not months. This contrasts to what CEO, Rick Wagoner has said to Congress and the Press.